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From AMM to Order Book: The Evolution of Polymarket's Pricing Mechanism and Its Potential for Integration with DEX Polymarket, as a prediction market platform, is essentially a "future event probability exchange." Users can express their judgment on specific events by purchasing a certain option. Due to the differences in buying probability events compared to common trading, Polymarket initially adopted a special AMM mechanism to provide real-time liquidity and pricing, known as the Logarithmic Market Scoring Rule (LMSR). This algorithm is currently used by some other crypto protocols. Understanding the characteristics of LMSR can help us comprehend the pricing mechanism of Polymarket during most periods, as well as the reasons why other protocols choose LMSR. It also clarifies why Polymarket upgraded from LMSR to an off-chain order book. Characteristics and Advantages/Disadvantages of LMSR

From AMM to Order Book: Exploring the Shift in Prediction Market Pricing Mechanisms A prediction market is essentially a "probability exchange for future events" where users can express their judgments on an event by buying a certain option. Since buying into probability events differs from common trading, the pricing and liquidity mechanisms initially used by prediction markets are also different from the common AMM algorithms. The pricing mechanism of prediction markets has undergone tremendous changes from its initial version to now. Initially, an AMM mechanism was used to provide liquidity and pricing in real time, known as the logarithmic market scoring rule (LMSR). This algorithm is currently also used by some other crypto protocols. Understanding the characteristics of LMSR can clarify the pricing mechanism of prediction markets during most periods, as well as the reasons other protocols choose LMSR, and it also explains the reasons for the upgrade of prediction markets from LMSR to off-chain order books. The characteristics, advantages, and disadvantages of LMSR.

The Evolution of Pricing Mechanisms in Prediction Markets: From AMM to Order Book A prediction market is essentially a trading venue for the probabilities of future events. Users can express their judgments about specific events by buying options. Due to the differences in trading probabilistic events compared to common asset trading, the pricing and liquidity mechanisms of prediction markets have their own unique aspects. Taking a well-known prediction market platform as an example, its pricing mechanism has undergone significant changes from the beginning to now. Initially, it used an automatic market maker mechanism known as the logarithmic market scoring rule (LMSR), and it has now been upgraded to an off-chain order book model. Understanding the characteristics of LMSR can help us comprehend the early pricing mechanism of the platform, as well as the considerations of other protocols that adopt LMSR, while also understanding the reasons why the platform ultimately shifted to an order book. Characteristics and Advantages/Disadvantages of LMSR LMSR is a pricing mechanism designed for prediction markets, it